01/27/2022 | Press release | Distributed by Public on 01/27/2022 06:10
RICHMOND, Va.--(BUSINESS WIRE)-- Altria Group, Inc. (Altria) (NYSE: MO) today reports its 2021 fourth-quarter and full-year business results and provides its 2022 full-year adjusted diluted earnings per share (EPS) guidance.
"Altria delivered outstanding results in 2021 across our businesses, including strong financial performance, progress toward our Vision and advancements in our ESG efforts," said Billy Gifford, Altria's Chief Executive Officer.
"We returned more than $8.1 billion in cash to shareholders in 2021 through dividends and share repurchases. This total represents the third-largest single-year cash return in Altria's history and the largest annual return since 2002."
"Our plans for the year ahead include a continuation of our strategy to balance earnings growth and shareholder returns with investments toward our Vision. We expect to deliver 2022 full-year adjusted diluted EPS in a range of $4.79 to $4.93, representing a growth rate of 4% to 7% from an adjusted diluted EPS base of $4.61 in 2021."
Altria Headline Financials1
($ in millions, except per share data) |
Q4 2021 |
Change vs. Q4 2020 |
Full Year 2021 |
Change vs. Full Year 2020 |
|
Net revenues |
$6,255 |
(0.8)% |
$26,013 |
(0.5)% |
|
Revenues net of excise taxes |
$5,086 |
0.6% |
$21,111 |
1.3% |
|
Reported tax rate |
28.8% |
4.4 pp |
35.3% |
(0.1) pp |
|
Adjusted tax rate |
25.5% |
0.6 pp |
25.1% |
0.3 pp |
|
Reported diluted EPS2 |
$0.88 |
(14.6)% |
$1.34 |
(44.2)% |
|
Adjusted diluted EPS2 |
$1.09 |
10.1% |
$4.61 |
5.7% |
1 "Adjusted" financial measures presented in this release exclude the impact of special items. See "Basis of Presentation" for more information.
2 "EPS" represents diluted earnings (losses) per share attributable to Altria.
As previously announced, a conference call with the investment community and news media will be webcast on January 27, 2022 at 9:00 a.m. Eastern Time. Access to the webcast is available at www.altria.com/webcasts.
Cash Returns to Shareholders and Capital Markets Activity
Share Repurchase Program
Dividends
Smoke-free Products Business Platform
Oral Tobacco
Heated Tobacco
E-Vapor
Environmental, Social and Governance (ESG)
Altria's Corporate Responsibility Focus Areas are (i) reducing the harm of tobacco products, (ii) preventing underage use, (iii) protecting the environment, (iv) driving responsibility through our value chain, (v) supporting our people and communities and (vi) engaging and leading responsibly. Altria's corporate responsibility reports can be found on the Corporate Responsibility Reports page at www.altria.com/responsibility.
Impact of COVID-19 Pandemic
Impact on Tobacco Business Operations
Impact on ABI, JUUL and Cronos Investments
Philip Morris Capital Corporation Update
As of December 31, 2021, Altria's net finance assets balance was $114 million, down $206 million since the end of 2020 due to rents received and asset sales. As previously announced, Altria expects to fully complete the Philip Morris Capital Corporation (PMCC) wind-down by the end of 2022.
2022 Full-Year Guidance
Altria expects its 2022 full-year adjusted diluted EPS to be in a range of $4.79 to $4.93, representing a growth rate of 4% to 7% from an adjusted diluted EPS base of $4.61 in 2021. Altria expects 2022 adjusted diluted EPS growth to be weighted toward the second half of the year. While the 2022 full-year adjusted diluted EPS guidance accounts for a range of scenarios, the external environment remains dynamic. Altria will continue to monitor conditions related to (i) the economy, including the impact of increased inflation, (ii) the impact of current and future COVID-19 variants and mitigation strategies, (iii) ATC dynamics, including tobacco usage occasions, available disposable income, purchasing patterns and adoption of smoke-free products and (iv) regulatory and legislative developments.
Altria's 2022 full-year adjusted diluted EPS guidance range includes planned investments in support of its Vision, such as (i) costs to enhance its digital consumer engagement system, (ii) increased smoke-free product research, development and regulatory preparation expenses and (iii) marketplace activities in support of Altria's smoke-free products. The guidance range also includes anticipated inflationary increases in Master Settlement Agreement expenses and direct materials expenses and Altria's current expectation that PM USA will not have access to the IQOS system in 2022.
Altria expects its 2022 full-year adjusted effective tax rate will be in a range of 24.5% to 25.5%. Altria also expects 2022 capital expenditures to be between $200 million and $250 million and depreciation and amortization expenses of approximately $210 million.
Altria's full-year adjusted diluted EPS guidance and full-year forecast for its adjusted effective tax rate exclude the impact of certain income and expense items that management believes are not part of underlying operations. These items may include, for example, loss on early extinguishment of debt, restructuring charges, asset impairment charges, acquisition-related and disposition-related costs, COVID-19 special items, equity investment-related special items (including any changes in fair value of the equity investment and any related warrants and preemptive rights), certain tax items, charges associated with tobacco and health and certain other litigation items, and resolutions of certain non-participating manufacturer (NPM) adjustment disputes under the 1998 Master Settlement Agreement (such dispute resolutions are referred to as NPM Adjustment Items).
Altria's management cannot estimate on a forward-looking basis the impact of certain income and expense items, including those items noted in the preceding paragraph, on its reported diluted EPS or its reported effective tax rate because these items, which could be significant, may be unusual or infrequent, are difficult to predict and may be highly variable. As a result, Altria does not provide a corresponding U.S. generally accepted accounting principles (GAAP) measure for, or reconciliation to, its adjusted diluted EPS guidance or its adjusted effective tax rate forecast.
ALTRIA GROUP, INC.
See "Basis of Presentation" below for an explanation of financial measures and reporting segments discussed in this release.
Financial Performance
Fourth Quarter
Full Year
Table 1 - Altria's Adjusted Results |
|||||||||
Fourth Quarter |
Full Year |
||||||||
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||||
Reported diluted EPS |
$ 0.88 |
$ 1.03 |
(14.6) % |
$ 1.34 |
$ 2.40 |
(44.2) % |
|||
NPM Adjustment Items |
- |
- |
(0.03) |
- |
|||||
Asset impairment, exit, implementation, acquisition and disposition-related costs |
- |
0.02 |
0.05 |
0.18 |
|||||
Tobacco and health and certain other litigation items |
0.02 |
- |
0.07 |
0.03 |
|||||
Impairment of JUUL equity securities |
- |
- |
- |
1.40 |
|||||
JUUL changes in fair value |
- |
(0.05) |
- |
(0.05) |
|||||
ABI-related special items |
0.04 |
0.03 |
2.66 |
0.32 |
|||||
Cronos-related special items |
0.15 |
(0.04) |
0.25 |
0.03 |
|||||
Loss on early extinguishment of debt |
- |
- |
0.27 |
- |
|||||
COVID-19 special items |
- |
- |
- |
0.02 |
|||||
Tax items |
- |
- |
- |
0.03 |
|||||
Adjusted diluted EPS |
$ 1.09 |
$ 0.99 |
10.1 % |
$ 4.61 |
$ 4.36 |
5.7 % |
Note: For details of pre-tax, tax and after-tax amounts, see Schedules 7 and 9.
Special Items
The EPS impact of the following special items is shown in Table 1 and Schedules 6, 7, 8 and 9.
Non-Participating Manufacturer (NPM) Adjustment Items
Implementation, acquisition and disposition-related costs.
Tobacco and Health and Certain Other Litigation Items
Impairment of JUUL Equity Securities
In the fourth quarter of 2020, Altria elected to account for its investment in JUUL under the fair value option. Prior to this date, Altria accounted for its investment in JUUL as an investment in an equity security.
JUUL Changes in Fair Value
ABI-Related Special Items
The ABI-related special items above include Altria's respective share of the amounts recorded by ABI and additional adjustments related to (i) conversion from international financial reporting standards to GAAP and (ii) adjustments to Altria's investment required under the equity method of accounting.
Cronos-Related Special Items
In the fourth quarter and for full-year 2021, Altria recorded net pre-tax (income) expense consisting of the following:
Fourth Quarter |
Full Year |
||||||||||
($ in millions, except per share data) |
2021 |
2020 |
2021 |
2020 |
|||||||
(Gain) loss on Cronos-related financial instruments 1 |
$ |
20 |
$ |
(62 |
) |
$ |
148 |
$ |
140 |
||
(Income) losses from equity investments 2 |
246 |
(31 |
) |
318 |
(89 |
) |
|||||
Total Cronos-related special items - (income) expense |
$ |
266 |
$ |
(93 |
) |
$ |
466 |
$ |
51 |
||
Earnings per share |
$ |
0.15 |
$ |
(0.04 |
) |
$ |
0.25 |
$ |
0.03 |
1 Amounts are related to the non-cash change in the fair value of the warrant and certain anti-dilution protections (both acquired in March 2019).
2 Amounts include Altria's share of special items recorded by Cronos and additional adjustments, if required under the equity method of accounting, related to Altria's investment in Cronos.
The amounts above include a non-cash, pre-tax impairment charge of $205 million for the three and twelve months ended December 31, 2021, reflecting the difference between the fair value of Altria's investment in Cronos using Cronos's share price at December 31, 2021 and the carrying value of Altria's investment in Cronos at December 31, 2021.
Loss on Early Extinguishment of Debt
COVID-19 Special Items
Tax Items
SMOKEABLE PRODUCTS
Revenues and OCI
Fourth Quarter
Full Year
Table 2 - Smokeable Products: Revenues and OCI ($ in millions) |
|||||||
Fourth Quarter |
Full Year |
||||||
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||
Net revenues |
$ 5,591 |
$ 5,567 |
0.4 % |
$ 22,866 |
$ 23,089 |
(1.0) % |
|
Excise taxes |
(1,134) |
(1,212) |
(4,754) |
(5,162) |
|||
Revenues net of excise taxes |
$ 4,457 |
$ 4,355 |
2.3 % |
$ 18,112 |
$ 17,927 |
1.0 % |
|
Reported OCI |
$ 2,493 |
$ 2,376 |
4.9 % |
$ 10,394 |
$ 9,985 |
4.1% |
|
NPM Adjustment Items |
- |
4 |
(53) |
4 |
|||
Asset impairment, exit, implementation, acquisition and disposition-related costs |
- |
2 |
- |
2 |
|||
Tobacco and health and certain other litigation items |
11 |
6 |
83 |
79 |
|||
COVID-19 special items |
- |
- |
- |
41 |
|||
Adjusted OCI |
$ 2,504 |
$ 2,388 |
4.9 % |
$ 10,424 |
$ 10,111 |
3.1 % |
|
Adjusted OCI margins 1 |
56.2% |
54.8% |
1.4 pp |
57.6% |
56.4% |
1.2 pp |
|
1 Adjusted OCI margins are calculated as adjusted OCI divided by revenues net of excise taxes.
Shipment Volume
Fourth Quarter
Full Year
Table 3 - Smokeable Products: Reported Shipment Volume (sticks in millions) |
|||||||
Fourth Quarter |
Full Year |
||||||
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||
Cigarettes: |
|||||||
Marlboro |
19,848 |
20,968 |
(5.3) % |
82,970 |
88,858 |
(6.6) % |
|
Other premium |
1,036 |
1,070 |
(3.2) % |
4,216 |
4,566 |
(7.7) % |
|
Discount |
1,539 |
1,796 |
(14.3) % |
6,607 |
8,001 |
(17.4) % |
|
Total cigarettes |
22,423 |
23,834 |
(5.9) % |
93,793 |
101,425 |
(7.5) % |
|
Cigars: |
|||||||
Black & Mild |
440 |
473 |
(7.0) % |
1,796 |
1,790 |
0.3 % |
|
Other |
2 |
2 |
- % |
7 |
10 |
(30.0) % |
|
Total cigars |
442 |
475 |
(6.9) % |
1,803 |
1,800 |
0.2 % |
|
Total smokeable products |
22,865 |
24,309 |
(5.9) % |
95,596 |
103,225 |
(7.4) % |
|
Note:Cigarettes volume includes units sold as well as promotional units, but excludes units sold for distribution to Puerto Rico, and units sold in U.S. Territories, to overseas military and by Philip Morris Duty Free Inc., none of which, individually or in the aggregate, is material to the smokeable products segment.
Retail Share and Brand Activity
Fourth Quarter
Full Year
Table 4 - Smokeable Products: Cigarettes Retail Share (percent) |
|||||||
Fourth Quarter |
Full Year |
||||||
2021 |
2020 |
Percentage |
2021 |
2020 |
Percentage |
||
Cigarettes: |
|||||||
Marlboro |
42.7% |
43.1% |
(0.4) |
43.1% |
42.9% |
0.2 |
|
Other premium |
2.3 |
2.3 |
- |
2.3 |
2.3 |
- |
|
Discount |
3.3 |
3.7 |
(0.4) |
3.4 |
3.9 |
(0.5) |
|
Total cigarettes |
48.3% |
49.1% |
(0.8) |
48.8% |
49.1% |
(0.3) |
|
Note:Retail share results for cigarettes are based on data from IRI/MSAi, a tracking service that uses a sample of stores and certain wholesale shipments to project market share and depict share trends. This service tracks sales in the food, drug, mass merchandisers, convenience, military, dollar store and club trade classes. For other trade classes selling cigarettes, retail share is based on shipments from wholesalers to retailers (STARS). This service is not designed to capture sales through other channels, including the internet, direct mail and some illicitly tax-advantaged outlets. It is IRI's standard practice to periodically refresh its services, which could restate retail share results that were previously released in this service.
ORAL TOBACCO PRODUCTS
Revenues and OCI
Fourth Quarter
Full Year
Table 5 - Oral Tobacco Products: Revenues and OCI ($ in millions) |
|||||||
Fourth Quarter |
Full Year |
||||||
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||
Net revenues |
$ 663 |
$ 632 |
4.9 % |
$ 2,608 |
$ 2,533 |
3.0% |
|
Excise taxes |
(34) |
(32) |
(132) |
(130) |
|||
Revenues net of excise taxes |
$ 629 |
$ 600 |
4.8 % |
$ 2,476 |
$ 2,403 |
3.0% |
|
Reported OCI |
$ 390 |
$ 421 |
(7.4) % |
$ 1,659 |
$ 1,718 |
(3.4) % |
|
Asset impairment, exit, implementation, acquisition and disposition-related costs |
- |
(9) |
37 |
(3) |
|||
COVID-19 special items |
- |
- |
- |
9 |
|||
Adjusted OCI |
$ 390 |
$ 412 |
(5.3) % |
$ 1,696 |
$ 1,724 |
(1.6) % |
|
Adjusted OCI margins 1 |
62.0% |
68.7% |
(6.7) pp |
68.5% |
71.7% |
(3.2) pp |
|
1 Adjusted OCI margins are calculated as adjusted OCI divided by revenues net of excise taxes.
Shipment Volume
Fourth Quarter
Full Year
Table 6 - Oral Tobacco Products: Reported Shipment Volume (cans and packs in millions) |
|||||||||
Fourth Quarter |
Full Year |
||||||||
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||||
Copenhagen |
125.2 |
127.4 |
(1.7 |
) % |
503.6 |
522.4 |
(3.6 |
) % |
|
Skoal |
49.2 |
51.3 |
(4.1 |
) % |
197.4 |
208.5 |
(5.3 |
) % |
|
Other (includes Red Seal and on!) |
31.6 |
23.7 |
33.3 |
% |
119.3 |
88.7 |
34.5 |
% |
|
Total oral tobacco products |
206.0 |
202.4 |
1.8 |
% |
820.3 |
819.6 |
0.1 |
% |
|
Note: Volume includes cans and packs sold, as well as promotional units, but excludes international volume, which is currently not material to the oral tobacco products segment. New types of oral tobacco products, as well as new packaging configurations of existing oral tobacco products, may or may not be equivalent to existing MST products on a can-for-can basis. To calculate volumes of cans and packs shipped, one pack of snus or one can of oral nicotine pouches, irrespective of the number of pouches in the pack, is assumed to be equivalent to one can of MST.
Retail Share & Brand Activity
Fourth Quarter
Full Year
Table 7 - Oral Tobacco Products: Retail Share (percent) |
|||||||||||||
Fourth Quarter |
Full Year |
||||||||||||
2021 |
2020 |
Percentage point change |
2021 |
2020 |
Percentage point change |
||||||||
Copenhagen |
28.6 |
% |
31.2 |
% |
(2.6 |
) |
29.4 |
% |
31.8 |
% |
(2.4 |
) |
|
Skoal |
12.1 |
13.4 |
(1.3 |
) |
12.6 |
13.9 |
(1.3 |
) |
|||||
Other (includes Red Seal and on!) |
6.9 |
4.6 |
2.3 |
5.8 |
4.2 |
1.6 |
|||||||
Total oral tobacco products |
47.6 |
% |
49.2 |
% |
(1.6 |
) |
47.8 |
% |
49.9 |
% |
(2.1 |
) |
|
Note: The oral tobacco products retail share results exclude international volume. Retail share results for oral tobacco products are based on data from IRI InfoScan, a tracking service that uses a sample of stores to project market share and depict share trends. This service tracks sales in the food, drug, mass merchandisers, convenience, military, dollar store and club trade classes on the number of cans and packs sold. Oral tobacco products is defined by IRI as moist smokeless, snus and oral nicotine pouches. New types of oral tobacco products, as well as new packaging configurations of existing oral tobacco products, may or may not be equivalent to existing MST products on a can-for-can basis. For example, one pack of snus or one can of oral nicotine pouches, irrespective of the number of pouches in the pack, is assumed to be equivalent to one can of MST. Because this service represents retail share performance only in key trade channels, it should not be considered a precise measurement of actual retail share. It is IRI's standard practice to periodically refresh its InfoScan services, which could restate retail share results that were previously released in this service.
WINE
Revenues, OCI and Shipment Volume
On October 1, 2021, UST LLC sold its subsidiary, International Wine & Spirits Ltd., which included Ste. Michelle, to Sycamore Partners Management, L.P.
Full Year
Table 8 - Wine: Revenues and OCI (Loss) ($ in millions) |
|||||||||||||||
Fourth Quarter |
Full Year |
||||||||||||||
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||||||||||
Net revenues |
$ |
- |
$ |
180 |
(100.0) % |
$ |
494 |
$ |
614 |
(19.5) % |
|||||
Excise taxes |
- |
(5 |
) |
(14 |
) |
(19 |
) |
||||||||
Revenues net of excise taxes |
$ |
- |
$ |
175 |
(100.0) % |
$ |
480 |
$ |
595 |
(19.3) % |
|||||
Reported OCI (Loss) |
$ |
- |
$ |
(13 |
) |
100.0% |
$ |
21 |
$ |
(360 |
) |
100%+ |
|||
Asset impairment, exit, implementation, acquisition and disposition-related costs |
- |
16 |
52 |
411 |
|||||||||||
Adjusted OCI |
$ |
- |
$ |
3 |
(100.0) % |
$ |
73 |
$ |
51 |
43.1% |
|||||
Adjusted OCI margins 1 |
- |
% |
1.7 |
% |
(1.7) pp |
15.2 |
% |
8.6 |
% |
6.6 pp |
|||||
1 Adjusted OCI margins are calculated as adjusted OCI divided by revenues net of excise taxes.
Altria's Profile
Altria has a leading portfolio of tobacco products for U.S. tobacco consumers age 21+. Altria's Vision by 2030 is to responsibly lead the transition of adult smokers to a smoke-free future (Vision). Altria is Moving Beyond Smoking™, leading the way in moving adult smokers away from cigarettes by taking action to transition millions to potentially less harmful choices - believing it is a substantial opportunity for adult tobacco consumers, Altria's businesses and society.
Altria's wholly owned subsidiaries include leading manufacturers of both combustible and smoke-free products. In combustibles, Altria owns Philip Morris USA Inc. (PM USA), the most profitable U.S. cigarette manufacturer, and John Middleton Co. (Middleton), a leading U.S. cigar manufacturer. Altria's smoke-free portfolio includes ownership of U.S. Smokeless Tobacco Company LLC (USSTC), the leading global moist smokeless tobacco (MST) manufacturer, and Helix Innovations LLC (Helix), a rapidly growing manufacturer of oral nicotine pouches. Altria also enhances its smoke-free product portfolio with exclusive U.S. commercialization rights to the IQOS Tobacco Heating System® and Marlboro HeatSticks®, and an equity investment in JUUL Labs, Inc. (JUUL).
Altria also owns equity investments in Anheuser-Busch InBev SA/NV (ABI), the world's largest brewer, and Cronos Group Inc. (Cronos), a leading Canadian cannabinoid company.
The brand portfolios of Altria's tobacco operating companies include Marlboro®, Black & Mild®, Copenhagen®, Skoal® and on!®. Trademarks and service marks related to Altria referenced in this release are the property of Altria or its subsidiaries or are used with permission.
Learn more about Altria at www.altria.comand follow us on Twitter, Facebook and LinkedIn.
Basis of Presentation
Altria reports its financial results in accordance with GAAP. Altria's management reviews OCI, which is defined as operating income before general corporate expenses and amortization of intangibles, to evaluate the performance of, and allocate resources to, the segments. Altria's management also reviews certain financial results, including OCI, OCI margins and diluted EPS, on an adjusted basis, which excludes certain income and expense items, including those items noted under "2022 Full-Year Guidance." Altria's management does not view any of these special items to be part of Altria's underlying results as they may be highly variable, may be unusual or infrequent, are difficult to predict and can distort underlying business trends and results. Altria's management also reviews income tax rates on an adjusted basis. Altria's adjusted effective tax rate may exclude certain tax items from its reported effective tax rate. Altria's management believes that adjusted financial measures provide useful additional insight into underlying business trends and results and provide a more meaningful comparison of year-over-year results. Altria's management uses adjusted financial measures for planning, forecasting and evaluating business and financial performance, including allocating resources and evaluating results relative to employee compensation targets. These adjusted financial measures are not consistent with GAAP and may not be calculated the same as similarly titled measures used by other companies. These adjusted financial measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. Reconciliations of historical adjusted financial measures to corresponding GAAP measures are provided in this release.
Altria uses the equity method of accounting for its investment in ABI and Cronos and reports its share of ABI's and Cronos's results using a one-quarter lag because ABI's and Cronos's results are not available in time to record them in the concurrent period. The one-quarter reporting lag for ABI and Cronos does not affect Altria's cash flows. In the fourth quarter of 2020, Altria elected to account for its investment in JUUL under the fair value option. Prior to this date, Altria accounted for its investment in JUUL as an investment in an equity security.
At December 31, 2021 Altria's reportable segments are (i) smokeable products, including combustible cigarettes and cigars manufactured and sold by PM USA and Middleton, respectively, and (ii) oral tobacco products, including MST and snus products manufactured and sold by USSTC, and oral nicotine pouches sold by Helix. On October 1, 2021, UST LLC sold its Ste. Michelle Wine Estates Ltd. (Ste. Michelle) business. Prior to October 1, 2021, wine produced and/or sold by Ste. Michelle was a reportable segment. Results for innovative tobacco products and PMCC are included in "All Other." Comparisons are to the corresponding prior-year period unless otherwise stated.
Forward-Looking and Cautionary Statements
This release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.
Important factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this release are described in Altria's publicly filed reports, including its Annual Report on Form 10-K for the year ended December 31, 2020 and its Quarterly Report on Form 10-Q for the period ended September 30, 2021. These factors include the following:
Altria cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statements that it may make except as required by applicable law. All subsequent written and oral forward-looking statements attributable to Altria or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements referenced above.
Schedule 1 |
||||||||||
ALTRIA GROUP, INC. and Subsidiaries Consolidated Statements of Earnings For the Quarters Ended December 31, (dollars in millions, except per share data) (Unaudited) |
||||||||||
2021 |
2020 |
% Change |
||||||||
Net revenues |
$ |
6,255 |
$ |
6,304 |
(0.8 |
) % |
||||
Cost of sales 1 |
1,771 |
1,909 |
||||||||
Excise taxes on products 1 |
1,169 |
1,249 |
||||||||
Gross profit |
3,315 |
3,146 |
5.4 |
% |
||||||
Marketing, administration and research costs |
473 |
474 |
||||||||
Asset impairment and exit costs |
- |
(3 |
) |
|||||||
Operating companies income |
2,842 |
2,675 |
6.2 |
% |
||||||
Amortization of intangibles |
19 |
18 |
||||||||
General corporate expenses |
90 |
77 |
||||||||
Corporate asset impairment and exit costs |
- |
(1 |
) |
|||||||
Operating income |
2,733 |
2,581 |
5.9 |
% |
||||||
Interest and other debt expense, net |
293 |
316 |
||||||||
Net periodic benefit income, excluding service cost |
(50 |
) |
(19 |
) |
||||||
(Income) losses from equity investments 1 |
190 |
(195 |
) |
|||||||
(Gain) loss on Cronos-related financial instruments |
20 |
(62 |
) |
|||||||
Earnings before income taxes |
2,280 |
2,541 |
(10.3 |
) % |
||||||
Provision for income taxes |
656 |
619 |
||||||||
Net earnings |
1,624 |
1,922 |
(15.5 |
) % |
||||||
Net losses attributable to noncontrolling interests |
- |
2 |
||||||||
Net earnings attributable to Altria |
$ |
1,624 |
$ |
1,924 |
(15.6 |
) % |
||||
Per share data: |
||||||||||
Diluted earnings per share attributable to Altria |
$ |
0.88 |
$ |
1.03 |
(14.6 |
) % |
||||
Weighted-average diluted shares outstanding |
1,832 |
1,859 |
(1.5 |
) % |
1 Cost of sales includes charges for resolution expenses related to state settlement agreements and FDA user fees. Supplemental information concerning those items, excise taxes on products sold and (income) losses from equity investments is shown in Schedule 5.
Schedule 2 |
|||||||||||||||
ALTRIA GROUP, INC. |
|||||||||||||||
and Subsidiaries |
|||||||||||||||
Selected Financial Data |
|||||||||||||||
For the Quarters Ended December 31, |
|||||||||||||||
(dollars in millions) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
Net Revenues |
|||||||||||||||
Smokeable |
Oral |
Wine |
All |
Total |
|||||||||||
2021 |
$ |
5,591 |
$ |
663 |
$ |
- |
$ |
1 |
$ |
6,255 |
|||||
2020 |
5,567 |
632 |
180 |
(75 |
) |
6,304 |
|||||||||
% Change |
0.4 |
% |
4.9 |
% |
(100.0 |
) % |
100%+ |
(0.8 |
) % |
||||||
Reconciliation: |
|||||||||||||||
For the quarter ended December 31, 2020 |
$ |
5,567 |
$ |
632 |
$ |
180 |
$ |
(75 |
) |
$ |
6,304 |
||||
Operations |
24 |
31 |
(180 |
) |
76 |
(49 |
) |
||||||||
For the quarter ended December 31, 2021 |
$ |
5,591 |
$ |
663 |
$ |
- |
$ |
1 |
$ |
6,255 |
|||||
Operating Companies Income (Loss) |
|||||||||||||||
Smokeable |
Oral |
Wine |
All Other |
Total |
|||||||||||
2021 |
$ |
2,493 |
$ |
390 |
$ |
- |
$ |
(41 |
) |
$ |
2,842 |
||||
2020 |
2,376 |
421 |
(13 |
) |
(109 |
) |
2,675 |
||||||||
% Change |
4.9 |
% |
(7.4 |
) % |
100.0 |
% |
62.4 |
% |
6.2 |
% |
|||||
Reconciliation: |
|||||||||||||||
For the quarter ended December 31, 2020 |
$ |
2,376 |
$ |
421 |
$ |
(13 |
) |
$ |
(109 |
) |
$ |
2,675 |
|||
NPM Adjustment Items - 2020 |
4 |
- |
- |
- |
4 |
||||||||||
Asset impairment, exit, implementation, acquisition and disposition-related costs - 2020 |
2 |
(9 |
) |
16 |
- |
9 |
|||||||||
Tobacco and health and certain other litigation items - 2020 |
6 |
- |
- |
- |
6 |
||||||||||
12 |
(9 |
) |
16 |
- |
19 |
||||||||||
Tobacco and health and certain other litigation items - 2021 |
(11 |
) |
- |
- |
- |
(11 |
) |
||||||||
(11 |
) |
- |
- |
- |
(11 |
) |
|||||||||
Operations |
116 |
(22 |
) |
(3 |
) |
68 |
159 |
||||||||
For the quarter ended December 31, 2021 |
$ |
2,493 |
$ |
390 |
$ |
- |
$ |
(41 |
) |
$ |
2,842 |
||||
Schedule 3 |
||||||||||
ALTRIA GROUP, INC. |
||||||||||
and Subsidiaries |
||||||||||
Consolidated Statements of Earnings |
||||||||||
For the Years Ended December 31, |
||||||||||
(dollars in millions, except per share data) |
||||||||||
(Unaudited) |
||||||||||
2021 |
2020 |
% Change |
||||||||
Net revenues |
$ |
26,013 |
$ |
26,153 |
(0.5 |
) % |
||||
Cost of sales 1 |
7,119 |
7,818 |
||||||||
Excise taxes on products 1 |
4,902 |
5,312 |
||||||||
Gross profit |
13,992 |
13,023 |
7.4 |
% |
||||||
Marketing, administration and research costs |
2,015 |
1,855 |
||||||||
Asset impairment and exit costs |
- |
(3 |
) |
|||||||
Operating companies income |
11,977 |
11,171 |
7.2 |
% |
||||||
Amortization of intangibles |
72 |
72 |
||||||||
General corporate expenses |
345 |
227 |
||||||||
Corporate asset impairment and exit costs |
- |
(1 |
) |
|||||||
Operating income |
11,560 |
10,873 |
6.3 |
% |
||||||
Interest and other debt expense, net |
1,162 |
1,209 |
||||||||
Loss on early extinguishment of debt |
649 |
- |
||||||||
Net periodic benefit income, excluding service cost |
(202 |
) |
(77 |
) |
||||||
Losses from equity investments 1 |
5,979 |
111 |
||||||||
Impairment of JUUL equity securities |
- |
2,600 |
||||||||
Loss on Cronos-related financial instruments |
148 |
140 |
||||||||
Earnings before income taxes |
3,824 |
6,890 |
(44.5 |
) % |
||||||
Provision for income taxes |
1,349 |
2,436 |
||||||||
Net earnings |
2,475 |
4,454 |
(44.4 |
) % |
||||||
Net losses attributable to noncontrolling interests |
- |
13 |
||||||||
Net earnings attributable to Altria |
$ |
2,475 |
$ |
4,467 |
(44.6 |
) % |
||||
Per share data2: |
||||||||||
Diluted earnings per share attributable to Altria |
$ |
1.34 |
$ |
2.40 |
(44.2 |
) % |
||||
Weighted-average diluted shares outstanding |
1,845 |
1,859 |
(0.8 |
) % |
||||||
1 Cost of sales includes charges for resolution expenses related to state settlement agreements and FDA user fees. Supplemental information concerning those items, excise taxes on products sold and income (losses) from equity investments is shown in Schedule 5.
2 Diluted earnings per share attributable to Altria are computed independently for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts.
Schedule 4 |
|||||||||||||||
ALTRIA GROUP, INC. |
|||||||||||||||
and Subsidiaries |
|||||||||||||||
Selected Financial Data |
|||||||||||||||
For the Years Ended December 31, |
|||||||||||||||
(dollars in millions) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
Net Revenues |
|||||||||||||||
Smokeable |
Oral |
Wine |
All Other |
Total |
|||||||||||
2021 |
$ |
22,866 |
$ |
2,608 |
$ |
494 |
$ |
45 |
$ |
26,013 |
|||||
2020 |
23,089 |
2,533 |
614 |
(83 |
) |
26,153 |
|||||||||
% Change |
(1.0 |
) % |
3.0 |
% |
(19.5 |
) % |
100.0%+ |
(0.5 |
) % |
||||||
Reconciliation: |
|||||||||||||||
For the year ended December 31, 2020 |
$ |
23,089 |
$ |
2,533 |
$ |
614 |
$ |
(83 |
) |
$ |
26,153 |
||||
Operations |
(223 |
) |
75 |
(120 |
) |
128 |
(140 |
) |
|||||||
For the year ended December 31, 2021 |
$ |
22,866 |
$ |
2,608 |
$ |
494 |
$ |
45 |
$ |
26,013 |
|||||
Operating Companies Income (Loss) |
|||||||||||||||
Smokeable |
Oral |
Wine |
All Other |
Total |
|||||||||||
2021 |
$ |
10,394 |
$ |
1,659 |
$ |
21 |
$ |
(97 |
) |
$ |
11,977 |
||||
2020 |
9,985 |
1,718 |
(360 |
) |
(172 |
) |
11,171 |
||||||||
% Change |
4.1 |
% |
(3.4 |
) % |
100.0%+ |
43.6 |
% |
7.2 |
% |
||||||
Reconciliation: |
|||||||||||||||
For the year ended December 31, 2020 |
$ |
9,985 |
$ |
1,718 |
$ |
(360 |
) |
$ |
(172 |
) |
$ |
11,171 |
|||
NPM Adjustment Items - 2020 |
4 |
- |
- |
- |
4 |
||||||||||
Asset impairment, exit, implementation, acquisition and disposition-related costs - 2020 |
2 |
(3 |
) |
411 |
- |
410 |
|||||||||
Tobacco and health and certain other litigation items - 2020 |
79 |
- |
- |
- |
79 |
||||||||||
COVID-19 special items - 2020 |
41 |
9 |
- |
- |
50 |
||||||||||
126 |
6 |
411 |
- |
543 |
|||||||||||
NPM Adjustment Items - 2021 |
53 |
- |
- |
- |
53 |
||||||||||
Asset impairment, exit, implementation, acquisition and disposition-related costs - 2021 |
- |
(37 |
) |
(52 |
) |
- |
(89 |
) |
|||||||
Tobacco and health and certain other litigation items - 2021 |
(83 |
) |
- |
- |
- |
(83 |
) |
||||||||
(30 |
) |
(37 |
) |
(52 |
) |
- |
(119 |
) |
|||||||
Operations |
313 |
(28 |
) |
22 |
75 |
382 |
|||||||||
For the year ended December 31, 2021 |
$ |
10,394 |
$ |
1,659 |
$ |
21 |
$ |
(97 |
) |
$ |
11,977 |
Schedule 5 |
||||||||||||||
ALTRIA GROUP, INC. |
||||||||||||||
and Subsidiaries |
||||||||||||||
Supplemental Financial Data |
||||||||||||||
(dollars in millions) |
||||||||||||||
(Unaudited) |
||||||||||||||
For the Quarters |
For the Years |
|||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||
The segment detail of excise taxes on products sold is as follows: |
||||||||||||||
Smokeable products |
$ |
1,134 |
$ |
1,212 |
$ |
4,754 |
$ |
5,162 |
||||||
Oral tobacco products |
34 |
32 |
132 |
130 |
||||||||||
Wine |
- |
5 |
14 |
19 |
||||||||||
All other |
1 |
- |
2 |
1 |
||||||||||
$ |
1,169 |
$ |
1,249 |
$ |
4,902 |
$ |
5,312 |
|||||||
The segment detail of charges for resolution expenses related to state settlement agreements included in cost of sales is as follows: |
||||||||||||||
Smokeable products |
$ |
1,086 |
$ |
1,103 |
$ |
4,269 |
$ |
4,432 |
||||||
Oral tobacco products |
2 |
2 |
9 |
9 |
||||||||||
All other |
1 |
1 |
2 |
1 |
||||||||||
$ |
1,089 |
$ |
1,106 |
$ |
4,280 |
$ |
4,442 |
|||||||
The segment detail of FDA user fees included in cost of sales is as follows: |
||||||||||||||
Smokeable products |
$ |
67 |
$ |
69 |
$ |
273 |
$ |
279 |
||||||
Oral tobacco products |
2 |
1 |
5 |
5 |
||||||||||
$ |
69 |
$ |
70 |
$ |
278 |
$ |
284 |
|||||||
The detail of (income) losses from equity investments is as follows: |
||||||||||||||
ABI |
$ |
(80 |
) |
$ |
(83 |
) |
$ |
5,564 |
$ |
223 |
||||
Cronos |
270 |
(12 |
) |
415 |
(12 |
) |
||||||||
JUUL |
- |
(100 |
) |
- |
(100 |
) |
||||||||
$ |
190 |
$ |
(195 |
) |
$ |
5,979 |
$ |
111 |
Schedule 6 |
|||||||
ALTRIA GROUP, INC. |
|||||||
and Subsidiaries |
|||||||
Net Earnings and Diluted Earnings Per Share - Attributable to Altria Group, Inc. |
|||||||
For the Quarters Ended December 31, |
|||||||
(dollars in millions, except per share data) |
|||||||
(Unaudited) |
|||||||
Net Earnings |
Diluted EPS |
||||||
2021 Net Earnings |
$ |
1,624 |
$ |
0.88 |
|||
2020 Net Earnings |
$ |
1,924 |
$ |
1.03 |
|||
% Change |
(15.6 |
) % |
(14.6 |
) % |
|||
Reconciliation: |
|||||||
2020 Net Earnings |
$ |
1,924 |
$ |
1.03 |
|||
2020 NPM Adjustment Items |
3 |
- |
|||||
2020 Asset impairment, exit, implementation, acquisition and disposition-related costs |
28 |
0.02 |
|||||
2020 Tobacco and health and certain other litigation items |
5 |
- |
|||||
2020 JUUL changes in fair value |
(100 |
) |
(0.05 |
) |
|||
2020 ABI-related special items |
59 |
0.03 |
|||||
2020 Cronos-related special items |
(90 |
) |
(0.04 |
) |
|||
2020 Tax items |
12 |
- |
|||||
Subtotal 2020 special items |
(83 |
) |
(0.04 |
) |
|||
2021 Asset impairment, exit, implementation, acquisition and disposition-related costs |
(4 |
) |
- |
||||
2021 Tobacco and health and certain other litigation items |
(25 |
) |
(0.02 |
) |
|||
2021 ABI-related special items |
(73 |
) |
(0.04 |
) |
|||
2021 Cronos-related special items |
(265 |
) |
(0.15 |
) |
|||
2021 Tax items |
(2 |
) |
- |
||||
Subtotal 2021 special items |
(369 |
) |
(0.21 |
) |
|||
Fewer shares outstanding |
- |
0.02 |
|||||
Change in tax rate |
(15 |
) |
(0.01 |
) |
|||
Operations |
167 |
0.09 |
|||||
2021 Net Earnings |
$ |
1,624 |
$ |
0.88 |
Schedule 7 |
|||||||||||||||
ALTRIA GROUP, INC. |
|||||||||||||||
and Subsidiaries |
|||||||||||||||
Reconciliation of GAAP and non-GAAP Measures |
|||||||||||||||
For the Quarters Ended December 31, |
|||||||||||||||
(dollars in millions, except per share data) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
Earnings |
Provision |
Net |
Net Earnings |
Diluted |
|||||||||||
2021 Reported |
$ |
2,280 |
$ |
656 |
$ |
1,624 |
$ |
1,624 |
$ |
0.88 |
|||||
Asset impairment, exit, implementation, acquisition and disposition-related costs |
3 |
(1 |
) |
4 |
4 |
- |
|||||||||
Tobacco and health and certain other litigation items |
34 |
9 |
25 |
25 |
0.02 |
||||||||||
ABI-related special items |
92 |
19 |
73 |
73 |
0.04 |
||||||||||
Cronos-related special items |
266 |
1 |
265 |
265 |
0.15 |
||||||||||
Tax items |
- |
(2 |
) |
2 |
2 |
- |
|||||||||
2021 Adjusted for Special Items |
$ |
2,675 |
$ |
682 |
$ |
1,993 |
$ |
1,993 |
$ |
1.09 |
|||||
2020 Reported |
$ |
2,541 |
$ |
619 |
$ |
1,922 |
$ |
1,924 |
$ |
1.03 |
|||||
NPM Adjustment Items |
4 |
1 |
3 |
3 |
- |
||||||||||
Asset impairment, exit, implementation, acquisition and disposition-related costs |
16 |
(12 |
) |
28 |
28 |
0.02 |
|||||||||
Tobacco and health and certain other litigation items |
7 |
2 |
5 |
5 |
- |
||||||||||
JUUL changes in fair value |
(100 |
) |
- |
(100 |
) |
(100 |
) |
(0.05 |
) |
||||||
ABI-related special items |
74 |
15 |
59 |
59 |
0.03 |
||||||||||
Cronos-related special items |
(93 |
) |
(3 |
) |
(90 |
) |
(90 |
) |
(0.04 |
) |
|||||
Tax items |
- |
(12 |
) |
12 |
12 |
- |
|||||||||
2020 Adjusted for Special Items |
$ |
2,449 |
$ |
610 |
$ |
1,839 |
$ |
1,841 |
$ |
0.99 |
|||||
2021 Reported Net Earnings |
$ |
1,624 |
$ |
0.88 |
|||||||||||
2020 Reported Net Earnings |
$ |
1,924 |
$ |
1.03 |
|||||||||||
% Change |
(15.6 |
) % |
(14.6 |
) % |
|||||||||||
2021 Net Earnings Adjusted for Special Items |
$ |
1,993 |
$ |
1.09 |
|||||||||||
2020 Net Earnings Adjusted for Special Items |
$ |
1,841 |
$ |
0.99 |
|||||||||||
% Change |
8.3 |
% |
10.1 |
% |
Schedule 8 |
|||||||
ALTRIA GROUP, INC. |
|||||||
and Subsidiaries |
|||||||
Net Earnings and Diluted Earnings Per Share - Attributable to Altria Group, Inc. |
|||||||
For the Years Ended December 31, |
|||||||
(dollars in millions, except per share data) |
|||||||
(Unaudited) |
|||||||
Net Earnings |
Diluted EPS1 |
||||||
2021 Net Earnings |
$ |
2,475 |
$ |
1.34 |
|||
2020 Net Earnings |
$ |
4,467 |
$ |
2.40 |
|||
% Change |
(44.6 |
) % |
(44.2 |
) % |
|||
Reconciliation: |
|||||||
2020 Net Earnings |
$ |
4,467 |
$ |
2.40 |
|||
2020 NPM Adjustment Items |
3 |
- |
|||||
2020 Asset impairment, exit, implementation, acquisition and disposition-related costs |
342 |
0.18 |
|||||
2020 Tobacco and health and certain other litigation items |
62 |
0.03 |
|||||
2020 Impairment of JUUL equity securities |
2,600 |
1.40 |
|||||
2020 JUUL changes in fair value |
(100 |
) |
(0.05 |
) |
|||
2020 ABI-related special items |
603 |
0.32 |
|||||
2020 Cronos-related special items |
53 |
0.03 |
|||||
2020 COVID-19 special items |
37 |
0.02 |
|||||
2020 Tax items |
50 |
0.03 |
|||||
Subtotal 2020 special items |
3,650 |
1.96 |
|||||
2021 NPM Adjustment Items |
57 |
0.03 |
|||||
2021 Asset impairment, exit, implementation, acquisition and disposition-related costs |
(99 |
) |
(0.05 |
) |
|||
2021 Tobacco and health and certain other litigation items |
(138 |
) |
(0.07 |
) |
|||
2021 ABI-related special items |
(4,901 |
) |
(2.66 |
) |
|||
2021 Cronos-related special items |
(470 |
) |
(0.25 |
) |
|||
2021 Loss on early extinguishment of debt |
(496 |
) |
(0.27 |
) |
|||
2021 Tax items |
3 |
- |
|||||
Subtotal 2021 special items |
(6,044 |
) |
(3.27 |
) |
|||
Fewer shares outstanding |
- |
0.03 |
|||||
Change in tax rate |
(33 |
) |
(0.02 |
) |
|||
Operations |
435 |
0.24 |
|||||
2021 Net Earnings |
$ |
2,475 |
$ |
1.34 |
|||
1 Diluted earnings per share attributable to Altria are computed independently for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts.
Schedule 9 |
|||||||||||||||
ALTRIA GROUP, INC. |
|||||||||||||||
and Subsidiaries |
|||||||||||||||
Reconciliation of GAAP and non-GAAP Measures |
|||||||||||||||
For the Years Ended December 31, |
|||||||||||||||
(dollars in millions, except per share data) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
Earnings |
Provision |
Net |
Net Earnings |
Diluted |
|||||||||||
2021 Reported |
$ |
3,824 |
$ |
1,349 |
$ |
2,475 |
$ |
2,475 |
$ |
1.34 |
|||||
NPM Adjustment Items |
(76 |
) |
(19 |
) |
(57 |
) |
(57 |
) |
(0.03 |
) |
|||||
Asset impairment, exit, implementation, acquisition and disposition-related costs |
120 |
21 |
99 |
99 |
0.05 |
||||||||||
Tobacco and health and certain other litigation items |
182 |
44 |
138 |
138 |
0.07 |
||||||||||
ABI-related special items |
6,203 |
1,302 |
4,901 |
4,901 |
2.66 |
||||||||||
Cronos-related special items |
466 |
(4 |
) |
470 |
470 |
0.25 |
|||||||||
Loss on early extinguishment of debt |
649 |
153 |
496 |
496 |
0.27 |
||||||||||
Tax items |
- |
3 |
(3 |
) |
(3 |
) |
- |
||||||||
2021 Adjusted for Special Items |
$ |
11,368 |
$ |
2,849 |
$ |
8,519 |
$ |
8,519 |
$ |
4.61 |
|||||
2020 Reported |
$ |
6,890 |
$ |
2,436 |
$ |
4,454 |
$ |
4,467 |
$ |
2.40 |
|||||
NPM Adjustment Items |
4 |
1 |
3 |
3 |
- |
||||||||||
Asset impairment, exit, implementation, acquisition and disposition-related costs |
431 |
89 |
342 |
342 |
0.18 |
||||||||||
Tobacco and health and certain other litigation items |
83 |
21 |
62 |
62 |
0.03 |
||||||||||
Impairment of JUUL equity securities |
2,600 |
- |
2,600 |
2,600 |
1.40 |
||||||||||
JUUL changes in fair value |
(100 |
) |
- |
(100 |
) |
(100 |
) |
(0.05 |
) |
||||||
ABI-related special items |
763 |
160 |
603 |
603 |
0.32 |
||||||||||
Cronos-related special items |
51 |
(2 |
) |
53 |
53 |
0.03 |
|||||||||
COVID-19 special items |
50 |
13 |
37 |
37 |
0.02 |
||||||||||
Tax items |
- |
(50 |
) |
50 |
50 |
0.03 |
|||||||||
2020 Adjusted for Special Items |
$ |
10,772 |
$ |
2,668 |
$ |
8,104 |
$ |
8,117 |
$ |
4.36 |
|||||
2021 Reported Net Earnings |
$ |
2,475 |
$ |
1.34 |
|||||||||||
2020 Reported Net Earnings |
$ |
4,467 |
$ |
2.40 |
|||||||||||
% Change |
(44.6 |
) % |
(44.2 |
) % |
|||||||||||
2021 Net Earnings Adjusted for Special Items |
$ |
8,519 |
$ |
4.61 |
|||||||||||
2020 Net Earnings Adjusted for Special Items |
$ |
8,117 |
$ |
4.36 |
|||||||||||
% Change |
5.0 |
% |
5.7 |
% |
|||||||||||
1 Diluted earnings per share attributable to Altria are computed independently for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts.
Schedule 10 |
||||||
ALTRIA GROUP, INC. |
||||||
and Subsidiaries |
||||||
Condensed Consolidated Balance Sheets |
||||||
(dollars in millions) |
||||||
(Unaudited) |
||||||
December 31, 2021 |
December 31, 2020 |
|||||
Assets |
||||||
Cash and cash equivalents |
$ |
4,544 |
$ |
4,945 |
||
Inventories |
1,194 |
1,966 |
||||
Other current assets |
345 |
206 |
||||
Property, plant and equipment, net |
1,553 |
2,012 |
||||
Goodwill and other intangible assets, net |
17,483 |
17,792 |
||||
Investments in equity securities |
13,481 |
19,529 |
||||
Other long-term assets |
923 |
964 |
||||
Total assets |
$ |
39,523 |
$ |
47,414 |
||
Liabilities and Stockholders' Equity (Deficit) |
||||||
Current portion of long-term debt |
$ |
1,105 |
$ |
1,500 |
||
Accrued settlement charges |
3,349 |
3,564 |
||||
Other current liabilities |
4,125 |
3,999 |
||||
Long-term debt |
26,939 |
27,971 |
||||
Deferred income taxes |
3,692 |
4,532 |
||||
Accrued pension costs |
200 |
551 |
||||
Accrued postretirement health care costs |
1,436 |
1,951 |
||||
Other long-term liabilities |
283 |
381 |
||||
Total liabilities |
41,129 |
44,449 |
||||
Redeemable noncontrolling interest |
- |
40 |
||||
Total stockholders' equity (deficit) |
(1,606 |
) |
2,925 |
|||
Total liabilities and stockholders' equity (deficit) |
$ |
39,523 |
$ |
47,414 |
||
Total debt |
$ |
28,044 |
$ |
29,471 |
||
Schedule 11 |
|||||||||||||||||||||
ALTRIA GROUP, INC. |
|||||||||||||||||||||
and Subsidiaries |
|||||||||||||||||||||
Supplemental Financial Data for Special Items |
|||||||||||||||||||||
For the Quarters Ended December 31, |
|||||||||||||||||||||
(dollars in millions) |
|||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||
Cost of |
Marketing, administration and research costs |
Asset |
General
corporate |
Corporate |
Interest and |
(Income) |
(Gain) loss on |
||||||||||||||
2021 Special Items - (Income) Expense |
|||||||||||||||||||||
Asset impairment, exit, implementation, acquisition and disposition-related costs |
$ |
- |
$ |
- |
$ |
- |
$ |
3 |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
|||||
Tobacco and health and certain other litigation items |
- |
11 |
- |
20 |
- |
3 |
- |
- |
|||||||||||||
ABI-related special items |
- |
- |
- |
- |
- |
- |
92 |
- |
|||||||||||||
Cronos-related special items |
- |
- |
- |
- |
- |
- |
246 |
20 |
|||||||||||||
2020 Special Items - (Income) Expense |
|||||||||||||||||||||
NPM Adjustment Items |
$ |
4 |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
|||||
Asset impairment, exit, implementation, acquisition and disposition-related costs |
16 |
(4 |
) |
(3 |
) |
8 |
(1 |
) |
- |
- |
- |
||||||||||
Tobacco and health and certain other litigation items |
- |
6 |
- |
- |
- |
1 |
- |
- |
|||||||||||||
JUUL changes in fair value |
- |
- |
- |
- |
- |
- |
(100 |
) |
- |
||||||||||||
ABI-related special items |
- |
- |
- |
- |
- |
- |
74 |
- |
|||||||||||||
Cronos-related special items |
- |
- |
- |
- |
- |
- |
(31 |
) |
(62 |
) |
Note: This schedule is intended to provide supplemental financial data for certain income and expense items that management believes are not part of underlying operations and their presentation in Altria's consolidated statements of earnings. This schedule is not intended to provide, or reconcile, non-GAAP financial measures.
Schedule 12 |
|||||||||||||||||||||||||
ALTRIA GROUP, INC. |
|||||||||||||||||||||||||
and Subsidiaries |
|||||||||||||||||||||||||
Supplemental Financial Data for Special Items |
|||||||||||||||||||||||||
For the Years Ended December 31, |
|||||||||||||||||||||||||
(dollars in millions) |
|||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||
Cost of |
Marketing, administration |
Asset |
General |
Corporate |
Interest |
Loss on early |
(Income) |
Impairment |
(Gain) loss |
||||||||||||||||
2021 Special Items - (Income) Expense |
|||||||||||||||||||||||||
NPM Adjustment Items |
$ |
(53 |
) |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
(23 |
) |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
|||
Asset impairment, exit, implementation, acquisition and disposition-related costs |
1 |
88 |
- |
31 |
- |
- |
- |
- |
- |
- |
|||||||||||||||
Tobacco and health and certain other litigation items |
- |
83 |
- |
90 |
- |
9 |
- |
- |
- |
- |
|||||||||||||||
ABI-related special items |
- |
- |
- |
- |
- |
- |
- |
6,203 |
- |
- |
|||||||||||||||
Cronos-related special items |
- |
- |
- |
- |
- |
- |
- |
318 |
- |
148 |
|||||||||||||||
Loss on early extinguishment of debt |
- |
- |
- |
- |
- |
- |
649 |
- |
- |
- |
|||||||||||||||
2020 Special Items - (Income) Expense |
|||||||||||||||||||||||||
NPM Adjustment Items |
$ |
4 |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
|||||
Asset impairment, exit, implementation, acquisition and disposition-related costs |
411 |
2 |
(3 |
) |
22 |
(1 |
) |
- |
- |
- |
- |
- |
|||||||||||||
Tobacco and health and certain other litigation items |
- |
79 |
- |
- |
- |
4 |
- |
- |
- |
- |
|||||||||||||||
Impairment of JUUL equity securities |
- |
- |
- |
- |
- |
- |
- |
- |
2,600 |
- |
|||||||||||||||
JUUL changes in fair value |
- |
- |
- |
- |
- |
- |
- |
(100 |
) |
- |
- |
||||||||||||||
ABI-related special items |
- |
- |
- |
- |
- |
- |
- |
763 |
- |
- |
|||||||||||||||
Cronos-related special items |
- |
- |
- |
- |
- |
- |
- |
(89 |
) |
- |
140 |
||||||||||||||
COVID-19 special items |
50 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Note: This schedule is intended to provide supplemental financial data for certain income and expense items that management believes are not part of underlying operations and their presentation in Altria's consolidated statements of earnings. This schedule is not intended to provide, or reconcile, non-GAAP financial measures.
View source version on businesswire.com : https://www.businesswire.com/news/home/20220126005529/en/
Altria Client Services
Investor Relations
804-484-8222
Altria Client Services
Media Relations
804-484-8897
Source: Altria Group, Inc.